Gold Fields boosted by higher gold prices and lower operating costs
THANKS to higher gold prices in US dollars and lower operating costs helped by a weaker rand, mining group Gold Fields expects to turn to an interim profit after just breaking even in the matching period.Gold Fields said in a trading statement on Tuesday morning it expects to report on August 18 that its basic earnings per share for the six months ended June were 14 US cents, up from zero in its prior interim period.Headline earnings per share are expected to jump to 16 US cents from the previous interim period’s one US cent.Gold Fields said in its trading statement gold prices in US dollars were on average 3% higher than in the matching period.Its Australian operations had benefited from the local currency weakening 5% against the dollar compared to the matching period in the prior year. Its South African mines benefited even more from the rand’s 29% plunge against the US dollar over the year.Production for the second quarter is expected to be 529,000oz, higher than the first quart...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.